The Refractor Limited - Period Ending 2017-03-31

Registration number: 05980071

The Refractor Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

The Refractor Limited

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 5

The Refractor Limited

(Registration number: 05980071)
Statement of Financial Position as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,505	2,980
Current assets
Debtors	5	230	-
Cash at bank and in hand		1	19,337
		231	19,337
Creditors: Amounts falling due within one year	6	(51,986)	(31,493)
Net current liabilities		(51,755)	(12,156)
Net liabilities		(49,250)	(9,176)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(49,252)	(9,178)
Shareholders funds		(49,250)	(9,176)

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 21 December 2017 and signed on its behalf by:
 

.........................................

C Williams

Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
The Media Centre
7 Northumberland Street
Huddersfield
HD1 1RL

These financial statements were authorised for issue by the Board on 21 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section1A for small entities. The date of transition is 1 April 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the director that she will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33.33% reducing balance

Page 2

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

Page 3

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	6,231	6,231
Additions	701	701
At 31 March 2017	6,932	6,932
Depreciation
At 1 April 2016	3,251	3,251
Charge for the year	1,176	1,176
At 31 March 2017	4,427	4,427
Carrying amount
At 31 March 2017	2,505	2,505
At 31 March 2016	2,980	2,980

5

Debtors

	2017 £	2016 £
Other debtors	230	-
Total current trade and other debtors	230	-

Page 4

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	2,748	-
Trade creditors		3,600	-
Taxation and social security		261	232
Other creditors		45,377	31,261
		51,986	31,493

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	2,748	-

8	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Page 5